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Financial News: Finland Consumers Less Negative In June; Manufacturing Con

Finland Consumers Less Negative In June; Manufacturing Confidence Weakens

06/27/2024 - 03:40:00 (RTTNews)

(RTTNews) - Consumers in Finland remained less pessimistic during June, survey figures from Statistics Finland showed on Thursday.

Separate data from the Confederation of Finnish Industries revealed that industrial sentiment decreased somewhat and remained negative.

The consumer confidence index rose to -7.6 in June from -10.3 in May. However, the score is well below the long-term average of -2.5.

The data was collected from 1,143 people between June 1 and 17.

Households' views regarding their own economy at present and expectations concerning it in 12 months' time were at a very weak level, the survey said. Expectations concerning Finland's economy were also subdued in June.

Purchasing intentions were generally very low, as households still regarded the time as very unfavorable for buying durable goods. Meanwhile, intentions to buy a dwelling picked up considerably.

The survey showed those households' concerns about consumer price inflation in one year's time were slightly lower in June, though they remained fairly high.

Expectations concerning the development of the general unemployment situation in Finland still remained at a weak level, as 51 percent of consumers believed unemployment would rise.

The industrial confidence index dropped to -15 in June from -13 in May, the Federation of Finnish Industries said. Further, the confidence was well below the long-term average of +1.

Production is expected to decrease slightly in the coming months, while order backlogs remained thin in June, the survey said.

However, all other subsectors showed an increase, which was more evident in retail and services.

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